The new capital will be used to fund anticipated early-year losses at Atom, as well as increasing regulatory capital to enable the bank to build its balance sheet. Atoms founders, Anthony Thomson and Mark Mullen, consider there is a significant opportunity for a service-led bank with few of the overheads associated with high street branch networks, according to Yahoo Finance.
Atom has already attracted strategic interest, with the Spanish bank BBVA committing GBP 45m to a previous funding round in return for a stake of close to 30%. Among the shareholders the company attracted we mention: Lord ONeill, the Treasury minister and former Goldman Sachs chief economist, and Neil Woodford, fund manager.
More than that, Britains first app-based bank, plans to approach potential backers on both sides of the Atlantic as part of its fundraising. The bank already offers savings accounts and intends to diversify into mortgage products in the future.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now